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Ending The Week On A Soft Note

US TSYS SUMMARY

USTs have gradually sold off through the session with yields holding near the weaker end of the day's range.

  • Cash yields are 1-4bp higher with the curve 2bp steeper. Last yields: 2-year 0.1489%, 5-year 0.7484%, 10-year 1.4603%, 30-year 2.1496%.
  • TYU1 trades at 132-27+, near the lows of the day (132-25).
  • President Joe Biden's call for continued economic stimulus has been warmly received by other national leaders at the G7 summit.
  • The University of Michigan survey update for June came in better than expected (86.4 vs 84.2) with the expectations component reading 83.8 vs 78.7 expected.
  • The Fed takes centre stage next week, with this week's strong inflation report upping the ante on policymakers.

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